Dec 26 2023 16 mins 4
Today, we delve into a crucial topic that concerns many of us with aging parents and their financial well-being. Daniel Wrenne here, and in this episode, we're sharing a real-life case study that uncovers potential pitfalls in managing a family's wealth, especially when cognitive decline becomes a factor.
In this eye-opening episode, we discuss the story of Josh and Mary (not their real names), a couple with substantial assets managed by an advisor. As Josh's parents age, he becomes increasingly concerned about the transparency and efficiency of their financial strategy. The situation takes a turn for the worse after the passing of Josh's mother, leaving his father to manage their complex financial portfolio.
Join us as we dissect the red flags and inefficiencies we discovered in their financial setup. From excessive cash in an IRA to high advisory fees on non-performing assets, we uncover the hidden costs that could be draining your parents' wealth without their knowledge.
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